Oric Pharmaceuticals (NASDAQ:ORIC) Trading Up 5.4% – Here’s Why

Oric Pharmaceuticals, Inc. (NASDAQ:ORIC)’s share price rose 5.4% during mid-day trading on Friday . The stock traded as high as $11.44 and last traded at $11.4820. Approximately 547,899 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 1,766,262 shares. The stock had previously closed at $10.89.

Analyst Ratings Changes

ORIC has been the subject of a number of recent research reports. Citigroup cut their price objective on Oric Pharmaceuticals from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Oric Pharmaceuticals in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oric Pharmaceuticals in a report on Friday, July 17th. Wedbush reduced their target price on Oric Pharmaceuticals from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $25.00 price target on shares of Oric Pharmaceuticals in a research report on Monday, June 8th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Oric Pharmaceuticals Trading Up 11.1%

The firm has a market cap of $1.25 billion, a PE ratio of -8.40 and a beta of 1.02. The company’s 50-day moving average is $9.39 and its 200 day moving average is $10.29.

Oric Pharmaceuticals (NASDAQ:ORIC) last posted its quarterly earnings data on Monday, May 4th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.03). On average, research analysts predict that Oric Pharmaceuticals, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Trading of Oric Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ORIC. Defilade Capital Management L.P. purchased a new position in shares of Oric Pharmaceuticals during the first quarter valued at $10,680,000. Bank of America Corp DE lifted its stake in Oric Pharmaceuticals by 105.5% in the 1st quarter. Bank of America Corp DE now owns 1,043,159 shares of the company’s stock worth $13,217,000 after acquiring an additional 535,649 shares in the last quarter. California State Teachers Retirement System lifted its stake in Oric Pharmaceuticals by 42.4% in the 1st quarter. California State Teachers Retirement System now owns 48,369 shares of the company’s stock worth $613,000 after acquiring an additional 14,410 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Oric Pharmaceuticals by 41.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 182,139 shares of the company’s stock worth $2,308,000 after acquiring an additional 53,490 shares during the period. Finally, Quantinno Capital Management LP boosted its position in Oric Pharmaceuticals by 9.3% during the 1st quarter. Quantinno Capital Management LP now owns 25,526 shares of the company’s stock worth $323,000 after acquiring an additional 2,170 shares during the period. Institutional investors and hedge funds own 95.05% of the company’s stock.

About Oric Pharmaceuticals

Oric Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm is dedicated to discovering and developing small molecule therapeutics designed to overcome resistance mechanisms in solid tumor oncology. Its research efforts focus on identifying novel targets and advancing precision medicines that can restore or enhance patient response when standard therapies fail.

The company’s pipeline features lead candidates such as ORIC-101, a selective, orally available antagonist of the glucocorticoid receptor currently being evaluated in Phase 1/2 trials for patients with solid tumors who have acquired resistance to chemotherapy and hormonal agents.